Question

The Statistical Abstract of the United States reported that in 2004 for those with a college education, the median net worth was $226,100 and the mean net worth was $851,300. For those with a high school diploma only, the values were $68,700 and $196,800.
a. Explain how the mean and median could be so different for each group.
b. Which measure do you think gives a more realistic measure of a typical net worth, the mean or the median. Why?